Shareholders' Equity (Tables)

3 Months Ended

Mar. 31, 2024

Changes in Accumulated Other Comprehensive Income by Component

The following tables present the changes in each component of accumulated other comprehensive income (AOCI) and the effect of reclassifications out of AOCI into the respective lines in the condensed consolidated statements of operations.

Changes in Accumulated Other Comprehensive Income (Loss) by Component

First Quarter 2024


	Net Unrealized Gains (Losses) on Investments with:				ISCR on FG VIEs’ Liabilities with Recourse		Cumulative Translation Adjustment		Cash Flow Hedge		Total AOCI
	No Credit Impairment		Credit Impairment
	(in millions)
Balance, December 31, 2023	$	(202)	$	(104)	$	(20)	$	(38)	$	5	$	(359)
Other comprehensive income (loss) before reclassifications	(31)		10		(2)		1		—		(22)
Less: Amounts reclassified from AOCI to:
Net realized investment gains (losses)	(2)		10		—		—		—		8
Fair value gains (losses) on FG VIEs	—		—		(1)		—		—		(1)
Total before tax	(2)		10		(1)		—		—		7
Tax (provision) benefit	—		(1)		—		—		—		(1)
Total amount reclassified from AOCI, net of tax	(2)		9		(1)		—		—		6
Other comprehensive income (loss)	(29)		1		(1)		1		—		(28)
Balance, March 31, 2024	$	(231)	$	(103)	$	(21)	$	(37)	$	5	$	(387)

Changes in Accumulated Other Comprehensive Income (Loss) by Component

First Quarter 2023


	Net Unrealized Gains (Losses) on Investments with:				ISCR on FG VIEs’ Liabilities with Recourse		Cumulative Translation Adjustment		Cash Flow Hedge		Total AOCI
	No Credit Impairment		Credit Impairment
	(in millions)
Balance, December 31, 2022	$	(343)	$	(110)	$	(23)	$	(45)	$	6	$	(515)
Other comprehensive income (loss) before reclassifications	91		1		(2)		2		—		92
Less: Amounts reclassified from AOCI to:
Net realized investment gains (losses)	3		(5)		—		—		—		(2)
Fair value gains (losses) on FG VIEs	—		—		(1)		—		—		(1)
Total before tax	3		(5)		(1)		—		—		(3)
Tax (provision) benefit	(1)		1		—		—		—		—
Total amount reclassified from AOCI, net of tax	2		(4)		(1)		—		—		(3)
Other comprehensive income (loss)	89		5		(1)		2		—		95
Balance, March 31, 2023	$	(254)	$	(105)	$	(24)	$	(43)	$	6	$	(420)

Schedule of Share Repurchases

Share Repurchases


Period	Number of Shares Repurchased	Total Payments (1) (in millions)		Average Price Paid Per Share (1)
2023 (January 1 - March 31)	36,369	$	2	$	62.23
2023 (April 1 - June 30)	453,942	24		53.08
2023 (July 1- September 30)	1,065,902	64		59.67
2023 (October 1- December 31)	1,659,680	109		65.83
Total 2023	3,215,893	$	199	$	61.95
2024 (January 1 - March 31)	1,539,278	129		84.07
2024 (April 1 - May 7)	750,280	61		80.70
Total 2024	2,289,558	$	190	$	82.96

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(1) Excludes commissions and excise taxes.